We primarily focus on vacants, preforeclosures, tax liens, and pre-probate leads.  

Managing 10 units without a central PMS seems like a logistical nightmare and headache you want to avoid as quickly as possible.

The basic rule for the amount of cash to have at hand is 3 months of ALL expenses as if the rental was unoccupied and you had to pay all the utilities on top of the full Primary mortgage, Interest, Taxes, and Insurance (PITI).As well, it's pays to have a bit more because life happens.Good Luck!

Typically, to qualify for loans when contract or self employed, you need two years of tax returns for a typical loan.

The no-income tax and growing city were all a plus! 

Re rent roll, obtain copies of the executed leases and validate collection via bank statements and tax returns. 

@Dennis Hill if the house meets standards of that size family, enough beds baths and room size for children, then follow your standard rules, like I make anyone 18+ years of age qualify on their own unless they are a dependent of main tenant (prove with current tax return).

I understand that I will pay 10% in penalty as well as 24% of state taxes on it as well, leaving me with $50-55K.

I highly recommend it.If you have any other questions or need any bookkeeping or tax help, please feel free to reach out.

You can hear real-world examples of how others have built their investment portfolio and (hopefully) learn to avoid their mistakes.4.